Indian HNIs are going global and Dubai is gaining ground as their wealth hub, says Emirates NBD Private Banking Head- Moneycontrol.com

Dubai is increasingly establishing itself as a wealth-management hub for Indian high-net-worth individuals (HNIs) as they shift toward geographically diversified portfolios, Emirates NBD’s Mohammad Al Bastaki, Group Head of Private Banking and Wealth Management, said in an interview. Al Bastaki noted that Indian entrepreneurs, founders, senior executives and family business owners are using the UAE to access international markets, diversify currency exposure and structure cross-border wealth, while typically retaining core business interests in India.

“The profile has become more global and the requirements more sophisticated,”

Al Bastaki said. “While UAE banking relationships were traditionally driven by regional trade and transactional needs, many Indian clients today are entrepreneurs, founders, senior executives and family business owners with interests across multiple jurisdictions.”

Al Bastaki emphasized the shift is primarily toward diversification rather than outright migration of assets: “The trend is predominantly diversification rather than wholesale migration of wealth. Many Indian entrepreneurs and families continue to have their core businesses and investments in India while using the UAE to access international markets.” He described the objective as reducing concentration risk and building greater resilience into family wealth through international investments and global custody arrangements.

The private-banking head highlighted several behavioural and asset-class changes among Indian HNIs. Since the pandemic there has been “a stronger appetite for equities,” especially in technology and structural themes, though fixed income “remains an important part of portfolios, particularly given the higher global yield environment.” He noted portfolios have become more balanced with “greater emphasis on asset allocation and diversification.”

On currency exposure, Al Bastaki said currency diversification is being treated as a strategic risk-management tool: “Currency diversification is increasingly seen as a risk-management tool rather than simply a tactical investment decision. For many HNW clients, exposure to multiple currencies can help preserve purchasing power and make portfolios more resilient.” He added that USD-denominated assets remain popular but clients are broadening currency and geographic exposure rather than concentrating on a single currency.

Al Bastaki also addressed longer-term investor concerns and sentiment: “Investor sentiment is currently relatively optimistic, supported in part by corporate earnings, investment in AI and technology, resilient consumption and moderating inflation.” Yet he warned that “elevated valuations in some segments can also increase sensitivity to negative surprises,” advising a focus on portfolio resilience across asset classes, geographies and risk sources such as currency, inflation, equity, credit and commodities.

Demand for private markets and family-office services is rising. “We see increasing interest in private equity, private credit, venture capital and other alternative investments beyond traditional public markets,” Al Bastaki said, while noting family governance, succession planning and intergenerational wealth transfer are gaining prominence as clients look to manage and transfer wealth, not only grow it.

He pointed to Dubai’s comparative advantages for Indian investors: proximity to India, international connectivity and established financial infrastructure make it “an important base for managing international wealth and investments.” He identified several UAE sectors likely to drive growth and attract investor attention:

• Technology and digital infrastructure
• Logistics
• Healthcare
• Tourism
• Renewable energy

For entrepreneurs and families with cross-border interests, Al Bastaki concluded, Dubai offers the ability to remain close to existing business networks while accessing global investment opportunities and managing wealth across jurisdictions.